Annual General Meeting

November 2019

1

01 Key Headlines 3

02 FY19 Performance Highlights 4

03 FY19 Mining Services Performance 8

04 FY19 Commodities Performance 9

05 FY20 Outlook 10

05 Project Development 16

06 Sustainability 21

07 Innovation & Infrastructure 26

CONTENTS

2

• Created one of the World’s top 5 lithium

businesses

• Raised $2.2 billion cash through an

unsecured bond & the Wodgina sell down

• MRL’s largest growth year – $900 million

spent on lithium, iron ore and mining services

• Normalised EBITDA $433 million:15% up on

guidance

FY19 Key Headlines

Lithium

• Wodgina & Mt Marion construction projects completed

Innovation

• Designed a15Mt portable crushing plant and will develop it in JV

with Metso

• 150t carbon fibre dump truck trays in operation & 200T trays

have commenced production

• Synthetic graphite pilot plant successfully commissioned

Iron Ore

• Koolyanobbing iron ore was successfully re-started

• Developing a 10 year Yilgarn strategy plan

• Developed production strategy for Kumina & Marillana

3

Safety Performance Summary

7,972,659Hours worked in FY19

+32% on 2018

3,700+People

3,300+ Site-based

0.00LTIFR

Per million man hours worked

3.61TRIFR – Oct FY20

Per million man hours worked

1.32

Lost Time Injury Frequency Rate (LTIFR)

FY

13

FY

18

Oct F

Y2

0

FY

17

FY

16

FY

15

FY

14

Total Recordable Injury Frequency Rate

(TRIFR)

FY

13

FY

18

Oct F

Y2

0

FY

17

FY

16

FY

15

FY

14

0

14.52

3.61

Workforce

2,558

FY

13

FY

18

FY

19

FY

17

FY

16

FY

15

FY

14

3,746

4

FY

19

55

FY19 Financial

Performance

Summary

$1,512mRevenue

$858mCapex &

Investments

$433EBITDA

(normalised)

$269mOperating Cash

Flow

$205mNPAT (normalised)

9.7%Return on

Invested Capital

ROIC

Creating value

for Shareholders

Since listing:

• Maintained 50% dividend policy

• Distributed $860m (or 169% of

total equity issued) back to

shareholders in form of fully

franked dividends

44cpsDividends declared

$94mTotal Dividends

Paid

FY19

FY07-FY19

15%Earnings per share

growth

$18.58Total

Shareholder

Return6

77

Our Economic

Contribution Major

contributorCommunity

donations & support

3,700+Direct jobs

$124mTaxes, royalties &

other payments

$265mTotal wages &

benefits paid

Notes:

Creating value for our community

Creating value for our economy

8

Crushing

• Crushing business continued to run well

• Client retention extremely high – no loss of contracts

• 16 crushing plants in operation

Processing

• Mt Marion upgrade project complete -operating at steady state production

• Three-train Wodgina construction project largely completed; commissioning commenced

Contract Mining

• Mined 44.4Mt on MRL and joint venture projects

• 8.4Mt ore

• 36.0Mt Waste

• Mined 0.7Mt for external clients

FY19 Mining Services Performance

9

Mt Marion

• 378Kt spodumene

concentrate delivered

• 272Kt of 6%

• 106Kt of 4%

• Average revenue of $1,044/t

• $1,182/t for 6%

• $683/t for 4%

• Average cost $621/t CFR

Wodgina

• First ore produced from train 1

• 13Kt of spodumene

concentrate produced

Koolyanobbing

• Commenced operating and

exported 3.2Mt iron ore

• Currently running at 7.5Mt run

rate

• Average revenue $117/t

• Average cost $75/t CFR

Iron Valley

• Running at steady state:

7.4Mt shipped

• Sold all 2.7Mt of stockpiled

fines that were uneconomic to

sell in FY18

• Average revenue $78/t

• Average cost $68/t CFR

FY19 Commodities Performance

Notes

• Revenue / wmt shipped figures include prior year revenue adjustments from finalisation of forward contract pricing based on the Platts Index for FY18 shipments, and adjustments to shipping revenue for the application of AASB15 due to the timing of shipments reaching their destination ports.

• CFR Costs / wmt shipped figure includes adjustments to shipping costs for the application of AASB15 due to the timing of shipments reaching their destination ports.

10

FY20 Outlook

11

Crushing

• Expect crushing business contract volumes to grow more than 20% this financial year

Processing

• Mt Marion production expected between

360Kt and 380Kt

• Wodgina placed on care and

maintenance

Contract Mining

• Total tonnes mined will increase in

excess of 75%

FY20 Mining Services OutlookAiming to double production & revenue over the next 3 years

12

Mt Marion

• Increased strip ratio for

next 18 months

• Q1 FY20 produced

115Kwmt

• Expect to produce and

export between 360Kt and

380Kt

• Average cost per tonne

expected to be similar to

1H FY19

• Targeting a range of cost

saving measures

Wodgina

• Construction and

commissioning of all 3

trains completed

• Train 1 performed to

design capacity in

production and grade

• Placed on care and

maintenance

• Construction finalising –

miscellaneous non

process infrastructure

assets – complete before

Christmas

Koolyanobbing

• Focus is on production

increase to 11Mtpa run

rate early Q3 FY20

• Expected to produce and

export between 8.5Mt

and 9.0Mt, with 40%

lump product

• Average cost per tonne

expected to be similar to

2H FY19

Iron Valley

• Focus on maintaining

production as dewater &

quality issues increase

• Expected to produce and

export between 6.0Mt

and 6.5Mt, with 40%

lump product

• Average cost per tonne

expected to increase by

around 15% on FY19

driven by commodity

prices and as the mine

deepens

Marillana

• 6 month test drilling

programme to further

optimise process design

• If successful, commence

approvals for mine site

construction Q2 2020

Kumina

• Complete drilling

programme by end of

2019

• Planned update to JORC

by end FY20

FY20 Commodities Outlook

FY20 Guidance

Notes

1) Wet metric tonnes for 100% of project output.2) MRL has assumed a AUD:USD foreign exchange rate of 0.680 in estimating Profit Share Commodity Project operating costs. 3) $3/wmt increase in mine gate costs as the mine deepens; $7/wmt increase in freight, port and royalty costs from macro issues (FX and commodity prices).

PROFIT SHARE COMMODITY PROJECTS Koolyanobbing Iron Valley Mt Marion Wodgina

Commodity Iron ore Iron oreSpodumeneconcentrate

Spodumeneconcentrate

Ownership 100% 100% 50% 40%

Exports1 8.5 – 9.0Mt40% Lump product

6.0 – 6.5Mt40% Lump product

360 – 380Kt70% SC6 product

Care & maintenance

Operating costs2 In line with 2H19(2H19 $75/wmt)

15%3 increase on FY19(FY19 $68/wmt)

In line with 1H19(1H19 $594/wmt)

Not material

MINING SERVICES Mining Services EBITDA expected to be $280 - $300 million

13

• The partial sale of Wodgina has released US$820 million for

reinvestment

• MRL has subsequently allocated additional capital to reduce

the cost of iron ore operations in the Yilgarn region, and to

expand that business to a life of over 10 years

• Investment in the Yilgarn includes a new crusher at

Koolyanobbing, a stacker, bucketwheel reclaimer,

automatic train loader and haul roads

• Expenditure of $50 million is required to maintain operations

at Iron Valley until March 2021

• MRL also expects to spend up to $20 million in stages on

drilling and feasibility work on iron ore in the Pilbara

• MRL is evaluating a number of investment opportunities to

underpin expansionary activities and these would be

additional to current plans

FY20 Guidance – Capital Expenditure

Item $m $m

Sustaining capital

Deferred strip and other 60

Iron Valley extension 50

Total sustaining capital 110

Growth capital

Completion of Wodgina construction 50

Iron ore expansion - Yilgarn 120

Iron ore expansion - Pilbara 20

Innovation 30

Gas 30

Other (including office fit out) 50

Total growth capital 300

TOTAL CAPEX 410

14

Capability and track record

• 26 year heritage has created a strong culture of accountability and focus on

detail

• Strong, proven track record in identifying investment opportunities and

generating outstanding returns from them

• In-house expertise across the full project lifecycle, from exploration to sales

and shipping, allows us to evaluate opportunities accurately and quickly

Investment philosophy

• Every dollar spent is valued

• Target opportunities that allow us to utilise our expertise in mining services

and generate recurring earnings

• Focus is on opportunities that will be robust regardless of movements in

commodity prices

15

Investment philosophy

Koolyanobbing

• Focus is on production

increase to 11Mtpa run

rate by Q3 FY20

• Expected to produce and

export between [8]Mt

and [9]Mt, with 40%

lump product

• Average cost/tonne may

increase marginally on

FY19 due to external

equipment to support

expansion

Iron Valley

• Focus on maintaining

production as water &

quality issues increase

• Expected to produce and

export between [5.5]Mt

and [6.5]Mt, with 40%

lump product

• Average cost per tonne

expected to increase by

around [5]% on FY19 as

the mine deepens

Marillana

• 6 month test drilling

programme to further

optimise process design

• If successful, commence

approvals for mine site

construction

Kumina

• Complete drilling

programme by end of 2019

• Planned update to JORC by

end FY20

16

ProjectDevelopment

• Revised Albemarle transaction completed on 1 November 2019 and a joint venture was established:

• 60% Albemarle: 40% MRL

• MRL transferred 60% interest in Wodgina Lithium Project to Albemarle

• Albemarle transferred a cash payment of US$820 million

• MRL received 40% interest in first two 25Ktpa lithium hydroxide conversion units currently being built by Albemarle at its

Kemerton lithium hydroxide facility

Kemerton Hydroxide Facility

• Albemarle will fund the construct and commissioning of the Kemerton facility, estimated to cost $1.2 billion on a 100% basis

(US$480m for 40%):

• Where costs are less than US$1.2 billion, Albemarle will pay MRL 40% of the amount that is less than US$1.2 billion

• Where costs are more than US$1.2 billion, MRL will be free-carried for its 40% share

• Facility due for commissioning by Albemarle starting in first half of 2021

• At least 1 year ahead of previous plan to construct lithium hydroxide conversion plant on Wodgina site

17

Wodgina Lithium Transaction

• MARBL JV placed the Wodgina Lithium Project on care and

maintenance on 1 November 2019

• Transition to care and maintenance expected to take 4 weeks

• Decision made in recognition of challenging global lithium

market conditions and to preserve value of world-class

Wodgina orebody

• Cost of care and maintenance will not be material in FY20

• JV will regularly review market conditions with view to

resuming spodumene concentrate production as market

demand requires

• There is no doubt lithium will have a dominant role in the

energy storage business for years to come

18

Wodgina Lithium ProjectOperation

• Initially took over operation expecting 6Mtpa for 5 years

• Developing long life mine based on a production rate of 11Mtpa

• Current resource of 108Mt in region with 87Mt of measured indicated

resource

• Resources of 36.2Mt at Parker Range

• Exploration target – 30 to 83Mt at Mt Richardson under JORC

• From an initial rune rate of 6Mtpa at end of 2018; increased to 7.5Mtpa

by end June 2019; increasing to11Mtpa by early Q3 FY20

• 11Mtpa is underpinned with rail & port infrastructure

• In 2018, commend the McGowan Government to try and preserve 400

regional jobs and hundreds of indirect jobs

• By 2020 the project will directly employ 654 people across the mine, rail

& port

Yilgarn Tenement Portfolio

19

Iron Ore in the YilgarnKoolyanobbing

• 6,600 square kilometers of highly prospective acreage in

the Perth Basin

• Adjacent to 3 of the largest onshore conventional gas

discoveries within Australia in the last 5 years

• Red Gully conventional gas production facility on care

and maintenance – requires additional wells to bring

back on line

• In 2020 we are planning:

• 250 kilometres of seismic

• one conventional gas exploration well – 4.5km deep

• We aim to be self-sufficient in gas to provide energy

security, reduced reliance on diesel and lower carbon

emissions

20

Perth Basin

21

Sustainability

• During FY19, undertook a detailed materiality review and

identified 6 key sustainability performance indicators

• Applied the Global Reporting Initiative Standards and

obtained independent external assurance for the first

time

• Full sustainability report is available on our website

22

Sustainability

FY19

• Solar PV at our Perth facilities avoided 635 tonnes of carbon dioxide

equivalent emissions (tCO2e)

• Reduced our reliance on diesel by installing gas fired power at our Mt

Marion and Wodgina sites and a Battery Energy Storage System (BESS) at

Mt Marion

FY20

• The Mt Marion BESS is estimated to achieve a 12% reduction in fuel usage,

reduction of 2,500tCO2e compared to FY19

• Solar initiatives:

• Increasing rooftop solar panels on Kwinana Workshop

• Pilot project using solar panels to power water borefield pumps

• Solar panel installation to provide power at Koolyanobbing

• MRL has made the decision that it will not pursue opportunities in thermal

coal

23

SustainabilityInnovating towards a lower carbon economy

• Value all people and ensure all have equal opportunity to be

part of us for the long term

• Active Diversity and Inclusion Programme

• Reviewed parental leave allowances and increased our

paid parental leave to 16 weeks

• Total of 27 apprentices - largest intake of apprentices on the

Kwinana strip in 2019 – and will increase the number for

2020

• New head office - designed with facilities to provide more

flexibility for our employees and families

24

SustainabilityPeople

• We support the local community through a wide range of

sponsorships, scholarships and donations

• Our focus is on health & wellbeing, education and

employment initiatives and people in need

• 8 long-term partnerships

• Contributed to over 40 organisations in FY19

25

SustainabilityCommunity

Innovation & Infrastructure

26

Infrastructure

Pilbara Infrastructure Project

• Next six months, finalise the following:

• Line and level for rail system

• All approvals

• State agreement

• Study work for the Port & Stockyard

27

Infrastructure

Bulk Ore Shuttle System (BOSS)

• BOSS project is progressing – slower rate than

anticipated

• Still finalising several issues around third party

verification and detailed engineering designs

• Anticipate 6 months to complete this stage

• Can not commence procurement or test track

development until verification and design complete

28

Innovation

Crushing & Processing

• MRL has designed a 15Mt NextGen crushing and

screening plant

• MRL and Metso have formed a joint venture to

develop and market the plant

• 8 weeks to mobilise to site & commission

• Low capital cost & low operating cost

• Aiming to install 1st unit on site Q2 2020

29

Innovation

Carbon Fibre Technology

• Developed a carbon fibre manufacturing facility

producing structural members

• Manufactured four 150Mt dump truck trays and field

testing on-site

• Next 12 months:

• Durability trials to understand wear rates

• Ongoing optimisation of both tray and

workshop

• Commenced manufacturing of the 200T dump truck

trays – aiming for first unit end CY20

• Carbon fibre trays will increase dump truck payloads

by 10-15%

30

Innovation

Synthetic Graphite

• Developed a successful synthetic graphite pilot plant

• Produced 96% Total Graphitic Content

• Product certification process underway

• Study to determine most economic size plant to build

for commercial production

• Hydrogen gas by-product

31

Disclaimer

This presentation has been prepared by Mineral Resources Limited (“MRL” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource in the Yilgarn Region, and it is uncertain if further exploration will result in the estimation of a Mineral Resource in the Yilgarn Region.

You should not act or refrain from acting in reliance on this presentation material. This overview of MRL does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

To the fullest extent permitted by law, MRL and its affiliates and their respective officers, directors, employees and agents, accept no responsibility for any information provided in this presentation, including any forward looking information and disclaim any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this. In addition, MRL accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person, nor any obligation to furnish the person with any further information.

32

OFFICE: 1 Sleat Road, Applecross, WA 6153

POSTAL: PO Locked Bag 3, Canning Bridge LPO, Applecross, WA 6153

P +61 8 9329 3600F +61 8 9329 3601

www.mrl.com.au

33